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Hong Kong Property and Other Businesses Managing over 104,000 Residential Units 13 Shopping Malls in our Portfolio About 22,000 Residential Units and 3 Shopping Malls Under Development HONG KONG PROPERTY AND OTHER BUSINESSES 48 MTR Corporation Property Management AIM • Offer a world-class property management service that In addition to connecting communities, we aim to be an meets or exceeds customer requirements and expectations industry leader by creating integrated communities along our rail network. To provide excellent service for these • Develop and promote more green projects with greater developments, we apply our expertise in all aspects of energy efficiency for the health of our residents and tenants property development and management, as well as engaging Property Development the community. • Optimise the integration between our property developments and the railway network, as well as other CHALLENGES modes of transport Property Rental • Expand by seeking the rezoning of feasible existing Overview • Expanding our investment property portfolio without railway sites and by applying our proven Rail plus affecting existing railway operations and new railway projects Property integrated development model to potential new rail projects • Changes in customer behaviour and retail space demand • Deliver property developments of a high standard, on due to the evolving market environment such as time and within budget e-commerce development • Continuously improve our standards through innovation • Uncertainties arising from US-China trade tensions, public and by capturing new development opportunities order events and the recent COVID-19 outbreak in Hong Kong affected sentiment and tourist spending OUTLOOK and Analysis Property Management Property rental income will be subject to market conditions, Business Review • Statutory changes are impacting the residential property though partly moderated by the stable rent structure in the management industry in Hong Kong, ranging from typical three-year tenancy cycle. Retail sales in Hong Kong are licensing to procurement and maintenance expected to be negatively affected by the public order events and the recent COVID-19 outbreak. For current leases, Property Development the Company has been implementing a number of rental • The property development market is vulnerable to the relief measures, particularly for small to medium sized recent COVID-19 outbreak and to fluctuations in global tenants (by waiving half of their rent in February and March capital flows 2020). For leases to be renewed, we expect there will be downward pressure on the rentals. The LOHAS, our new mall STRATEGIES at LOHAS Park, is expected to be opened in the second Corporate Governance Property Safety half of 2020. However the pre-leasing is slower than expected • Safety at our construction sites, investment and managed as a result of the COVID-19 outbreak. Revenue from property properties and adjoining railway facilities is our top priority management is recurrent and dependent on the properties • Closely monitor the public order events and take under management, which will increase as new projects appropriate measures in our malls are completed. Property Rental Profit from property development is dependent on the sale • Enhance the capital value of our investment property of property developments and construction progress, and portfolio by optimising the trade mix in existing malls and will vary from year to year. The booking of development Financials and achieving growth in attributable gross floor area through profits of LOHAS Park Package 6 is now dependent on Other Information the addition of retail space construction progress. After the award of LOHAS Park • Develop sustainable and innovative strategies to combat Package 12 in February 2020, in the next 12 months or so, the impact of e-commerce subject to market conditions, we aim to tender out three property development packages, which are likely to be our last package at LOHAS Park and our fifth and sixth packages at Wong Chuk Hang Station. These packages are expected to provide about 4,050 residential units in total. Annual Report 2019 49 BUSINESS REVIEW HONG KONG PROPERTY AND OTHER BUSINESSES FINANCIAL PERFORMANCE Year ended 31 December In HK$ million 2019 2018 Inc./(Dec.) % Hong Kong Property Rental and Property Management Businesses Revenue from Property Rental 4,833 4,748 1.8 Revenue from Property Management 304 307 (1.0) Total Revenue 5,137 5,055 1.6 EBITDA 4,286 4,242 1.0 EBIT 4,264 4,225 0.9 EBITDA Margin (in %) 83.4% 83.9% (0.5)% pt. EBIT Margin (in %) 83.0% 83.6% (0.6)% pt. PROPERTY RENTAL In 2019, property rental revenue increased by 1.8% to expiring in 2019 had already been renewed or re-let in HK$4,833 million, mainly due to rental growth in our late 2018 and early 2019 when market sentiment was shopping malls, and partly offset by the rent concessions more positive. granted to some tenants whose business had been As at 31 December 2019, our shopping malls in Hong adversely affected by the public order events. Our Kong and the Company’s 18 floors in Two International shopping malls in Hong Kong achieved a positive rental Finance Centre were close to 100% let. reversion rate of 3.1% during the year (or 7% including a special rental case), mainly due to the fact that leases As at 31 December 2019, the Company’s attributable share of investment properties in Hong Kong was 217,774 square metres of lettable floor area of retail properties, 39,410 square metres of lettable floor area of offices and 17,764 square metres of property for other use. Our retail portfolio won many awards during the year. Telford Plaza received the “Top 25 My Favourite Shopping Mall Events” award at Shopping Mall Awards 2019, organised by Hong Kong Economic Times. ELEMENTS received the “Digital EX 2019 Awards” in the Top Ten Malls competition organised by Metro Finance. Reducing energy consumption is an important goal for us. In 2013, we set a target to reduce energy use in our investment properties portfolio by 12% by 2023. As of 2019, the target reduction of 12% had been achieved. Further discussion can be found in our Sustainability Report 2019. 50 MTR Corporation Investment Property Portfolio in Hong Kong (as at 31 December 2019) Company’s Lettable floor No. of parking economic Location Type area (sq. m.) spaces interest Telford Plaza I, Kowloon Bay, Kowloon Shopping Centre 39,331 – 100% Car Park – 993 100% Telford Plaza II 7-8/F, Kowloon Bay, Kowloon Shopping Centre 2,397 – 100% Telford Plaza II 3-6/F, Kowloon Bay, Kowloon Shopping Centre 19,057 – 50% Car Park – 136 50% Luk Yeung Galleria, Tsuen Wan, New Territories Shopping Centre 11,094 – 100% Car Park – 651 100% Paradise Mall, Heng Fa Chuen, Hong Kong Shopping Centre 15,410 – 100% Overview Wet Market 1,216 – 100% Kindergarten 2,497 – 100% Car Park – 415 100% Maritime Square 1, Tsing Yi Shopping Centre 28,547 – 100% Kindergarten 920 – 100% Car Park – 220 100% Motorcycle Park – 50 100% Maritime Square 2, Tsing Yi Shopping Centre 6,448 – 100% Car Park – 65 100% Motorcycle Park – 21 100% The Lane, Hang Hau Shopping Centre 2,629 – 100% Car Park – 16 100% and Analysis Motorcycle Park – 1 100% Business Review PopCorn 2, Tseung Kwan O Shopping Centre 8,456 – 70% Car Park – 50 70% PopCorn 1, Tseung Kwan O Shopping Centre 12,173 – 50% Car Park – 115 50% Motorcycle Park – 16 50% G/F, No. 308 Nathan Road, Kowloon Shop Unit 70 – 100% G/F, No. 783 Nathan Road, Kowloon Shop Unit 36 – 100% New Kwai Fong Gardens, Kwai Chung, New Territories Kindergarten 540 – 100% Car Park – 126 100% International Finance Centre (“ifc”), Central, Hong Kong – Two ifc Office 39,410 – 100% Corporate Governance – One and Two ifc Car Park – 1,308 51% Phase I, Carpark Building, Kornhill, Quarry Bay, Hong Kong Car Park – 292 100% Roof Advertising Signboard, Admiralty Centre, Advertising Signboard – – 100% No. 18 Harcourt Road, Hong Kong Ten Shop Units, First Floor Podium, Admiralty Centre, Shop Unit 286 – 50% No. 18 Harcourt Road, Hong Kong Olympian City One, Tai Kok Tsui, Kowloon Indoor Sports Hall 13,512 – 100% Olympian City Two, Tai Kok Tsui, Kowloon Shop Unit 1,096 – 100% Choi Hung Park & Ride Public Car Park, Car Park – 54 100% Financials and No. 8 Clear Water Bay Road, Choi Hung, Kowloon Motorcycle Park – 10 100% Other Information Park & Ride – 450 100% Elements, No. 1 Austin Road West, Kowloon Shopping Centre 45,510 – 81% Car Park – 898 81% Cross Border Coach Terminus, No. 1 Austin Road West, Kowloon Coach Terminus 5,113 – 100% Kindergarten, No. 1 Austin Road West, Kowloon Kindergarten 1,045 – 81% Plaza Ascot, Fo Tan Shopping Centre 7,720 – 100% Car Park – 67 100% Royal Ascot, Fo Tan Residential 2,784 – 100% Car Park – 20 100% Ocean Walk, Tuen Mun Shopping Centre 6,083 – 100% Car Park – 32 100% Sun Tuen Mun Shopping Centre, Tuen Mun Shopping Centre 9,022 – 100% Car Park – 421 100% Annual Report 2019 51 BUSINESS REVIEW HONG KONG PROPERTY AND OTHER BUSINESSES Investment Property Portfolio in Hong Kong (as at 31 December 2019)(continued) Company’s Lettable floor No. of parking economic Location Type area (sq. m.) spaces interest Hanford Plaza, Tuen Mun Shopping Centre 1,924 – 100% Car Park – 22 100% Retail Floor and 1-6/F., Citylink Plaza, Shatin Shopping Centre 12,154 – 100% The Capitol, LOHAS Park Shop Unit 391 – 100% Residential Care Home 2,571 – 100% for the Elderly Le Prestige, LOHAS Park Kindergarten 800 – 100% Car Park – 2 100% The Riverpark, Che Kung Temple Shop Unit 154 – 100% Kindergarten 708 – 100% Car Park – 5 100% Hemera, LOHAS Park Kindergarten 985 – 100% All Properties are held by the Company and its subsidiaries under Government Leases for over 50 years except for: • Telford Plaza I and II, Luk Yeung Galleria, Maritime Square 1 and 2, New Kwai Fong Gardens, ifc, Olympian City, Elements, Cross Border Coach Terminus and Kindergarten at No.
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